Gold bullish continuation / bearish retracement?

Gold prices steady near the top after last week’s bearish close. The price might continue trading sideways near the current level with a chance of bearish correction toward $2,685. Traders will continue to maintain a bullish outlook on the price and use each bearish correction as a chance to add more long positions. On the upside, $2,841 is the target to watch for a bullish continuation.

Today’s critical levels to watch:

Support: $2,685, $2,600

Resistance: $2,750, $2,800, $2,841

Silver consolidating near $31.50 – $32.50

The bearish correction in silver prices has reached the $31.50 – $32.50 level. Traders will observe the price reactions near the current level for bullish reactions. If the pair could bounce upward with strong bullish momentum then the bullish trend will continue. On the lower side, a close below $31.50 followed by a new lower swing low could turn the trend bearish.

Today’s Critical levels to watch:

Support: $32.50, $31.50, $30.00, $29.00

Resistance: $35.25

Crude oil stays above $70.00

Crude oil prices are slightly higher above the $70.00 level but not a significant move. Traders are focusing on the U.S election, FOMC meeting this week. Aside from that, crude oil prices might influenced more by the situation in the Middle East. Recently, Iran warned of reprisal for Israel’s attack which could further escalate the situation. Traders might want to stay cautious and use each visit at the support level as a chance to enter speculative long positions.

Today’s critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $77.13, $80.00, $83.85